Senior Ministry of Finance sources have intimated Global Times that an estimated one hundred Billion Leones in revenue could be generated in four months, following the Executive Order released by President Julius Maada Bio on Monday.
Financial experts are of the view that the new order will remarkably improve on the revenue collection; a move that will trigger reforms in the revenue sector.
The Executive Order on Revenue Mobilization which was signed by President Bio on April 9th 2018, fours day after taking over as President of Sierra Leone, suspends duty waivers enjoyed by companies, organizations and agencies as well as contractors .
The only exemptions to the waivers include, Diplomatic Missions and those affected by the Vienna Convention to which Sierra Leone is a signatory. Similarly, all duty waiver permits have been suspended, the Executive Order states.
The Executive Order also called on Ministries, Agencies and Departments of government to transfer revenues in to the consolidated fund with immediate effect.
This is the first concrete action President Bio has taken to deliver on his promise in his New Direction Manifesto which states: “In the New Direction, the focus will be to progressively increase domestic revenue GDP ratio from about 10% to 20%”.